Hut 8 (NASDAQ:HUT) Shares Down 6.8%

Hut 8 Corp. (NASDAQ:HUT) shares fell 6.8% during mid-day trading on Friday . The stock traded as low as $14.51 and last traded at $15.06. 936,584 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 4,955,146 shares. The stock had previously closed at $16.16.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on HUT shares. Craig Hallum upped their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. HC Wainwright restated a “sell” rating and set a $7.50 price target on shares of Hut 8 in a research report on Tuesday, June 25th. Needham & Company LLC lifted their price objective on Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Benchmark lifted their price objective on Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Finally, Canaccord Genuity Group raised their target price on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.08.

Hut 8 Trading Down 3.7 %

The business has a 50-day simple moving average of $10.51 and a 200-day simple moving average of $9.81. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to the consensus estimate of $50.60 million. On average, equities research analysts anticipate that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Shenif Visram sold 17,905 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $8.15, for a total transaction of $145,925.75. Following the sale, the chief financial officer now directly owns 30,865 shares in the company, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.00% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nomura Holdings Inc. purchased a new stake in shares of Hut 8 in the fourth quarter valued at about $1,774,000. Wellington Management Group LLP raised its stake in shares of Hut 8 by 203.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock valued at $2,224,000 after acquiring an additional 754,891 shares during the period. Savior LLC acquired a new position in Hut 8 in the 4th quarter worth $1,543,000. Qube Research & Technologies Ltd acquired a new position in Hut 8 in the 3rd quarter worth $3,429,000. Finally, AM Investment Strategies LLC acquired a new position in Hut 8 in the 4th quarter worth $597,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.